U.S. economic activity has maintained a “slight to modest pace” of growth since May, the Federal Reserve said in its fifth Beige Book report of the year. However, the report said that while seven of the 12 Fed districts reported some increase in activity, five districts noted flat or declining activity—three more than in the previous reporting period.
Wages continued to grow at a modest to moderate pace in most districts, while prices were generally reported to have risen modestly, according to the report. Household spending was little changed. Most districts reported soft demand for consumer and business loans. Future expectations for the economy were for slower growth over the next six months due to uncertainty around the upcoming election, domestic policy, geopolitical conflict and inflation.
